EUR/USD Tests 1.0500 Ahead of Trump-Xi Call, ECB Meeting, US NFP
EUR/USD hovers near 1.0500 as markets position for a trio of high-impact events: the anticipated Trump-Xi phone call, Thursday's ECB policy decision, and Friday's US Non-Farm Payrolls. The pair has declined 0.2% this week amid dollar strength, with the DXY index climbing to 108.50 on expectations of maintained US tariff threats. The expected Trump-Xi dialogue could impact risk sentiment and dollar demand, particularly if trade tensions escalate. Markets price a 70% probability of a 25bp ECB rate cut to 2.75%, which could pressure EUR/USD below 1.0480 support. Technical indicators show bearish momentum, with the pair trading below its 50-day moving average at 1.0545. US NFP consensus expects 165K jobs added, with a stronger print potentially pushing EUR/USD toward 1.0450, while disappointment could trigger a relief rally toward 1.0550 resistance.
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